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Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

Axel Springer , Europe’s largest newspaper group, spooked markets on Wednesday. It expects earnings before interest, tax and depreciation to fall by up to 9 per cent this year. Analysts polled by Reuters were expecting an increase in profit. Subsequently, Axel Springer’s shares fell by more than 6 per cent. Given the company’s solid fundamentals and a successful transition into digital businesses, the reaction smacks of myopia.

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